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Entrepreneurship Semester 1
Terms in this set (80)
the roadmap of where the business is going
The ability to perform essential, routine business tasks such as
organizing, planning, filing, billing, computing, etc.
should serve as a detailed outline of the company and
convince the audience to read the rest of the business plan
Someone who provides start-up money to a new business
describes the business type, the products offered and the
philosophy of the business
An obstacle or problem; something that might hinder the achievement of goals
describes strategies for branding, packaging, advertising and promoting the business and its products
The ability to express thoughts and ideas in a clear manner
includes a list of the sources of capital and the projected
income and expenses of the business
The ability to generate unique ideas, goods, or services
type of leadership style should be used when the group has a strong sense
of teamwork and a familiar routine
The ability to choose among alternatives
public relations person
external communication should flow through
A tax write-off that reduces the gross amount of an individual's income, which in turn reduces the taxes owed
proposed marketing plan
part of the business plan that identifies plans for pricing policies
An individual who identifies an opportunity to create new value, develops and offers a unique product, assumes the risks of starting and building a business, focuses on the improvement and growth of that business, and receives personal and financial rewards for her/his efforts
horizontal internal communication
Communication within an organization occurring between employees
The ability to manage money
the process of the receiver breaking down the message received and interpreting the message
The ability to adapt to changes as they occur
the response to the sender's message
A company that is operated in a residential dwelling
physical barrier to communication
The ability to think and act on your own and complete tasks without the direction of others
management style characterized by the manager trusting the employees work ability and is best used with employees know how to do their job
The creation of new, unique products
leadership style characterized by limited discussion of new ideas and is best used in groups who are not well acquainted with each other
The ability to guide or direct the actions of others
An individual responsible for the coordination of resources in order to accomplish an organization's goals
To connect with individuals who might help accomplish personal, career, and professional goals
A circumstance that presents itself as a favorable means to meet an objective
A strong feeling of enthusiasm, determination, and devotion
The ability to find solutions to obstacles or problems
Steps that an individual takes to enhance or improve skills or traits that are needed to excel in his/her career/profession
Conscious of one's own strengths, weaknesses, and emotions
An individual who is her/his own boss
The ability to perform a task that is developed through knowledge, training, and practice
A business that employs 500 or fewer people
An individual who owns a business venture to generate income without intentions of growing or expanding the business
A network of individuals and/or organizations who offer assistance to those in need of advice and information
The ability to acquire and utilize systematic, specialized applications to accomplish business objectives
Personal characteristics, expressed by a regular pattern of behavior, that become a part of you, over time
The general direction in which people or events are moving
a group of businesses with a common interest such as telecommunications, computers, retail, grocery, technology, automobiles, and food
The process of systematically scanning for technological, political and regulator, social, and demographic changes to discover opportunities to produce new good and services. An unexpected, yet valuable economic opportunity.
A working model of a new product
Occurs when a physical or technological observation is made. Ex-invention of the plane
Is a clear and concise description of an opportunity
Occurs when an observation is made based on specific knowledge of time, place, or circumstance. Ex. air crafts for travel
comparing an unfamiliar abstract idea with an already known mental image.
A distinctive aspect, quality, or characteristic of the product or service
Feature that promotes or enhances the value of a product or service to the customer
Problems that can be diagnosed and remedied because they happen over and over.
Helps the entrepreneur decide whether a new business concept has potential
A 3-dimensional version of your vision.
Those likely to buy your products and services
examining a completed product with the intent of understanding the technology and process used in its design, manufacture, or operation.
competitive grid (or competitive matrix)
A tool for organizing important information about the competition including customers, benefits, distribution, strengths, and weaknesses
Stages of Entrepreneurial Process
Building on strengths of the business and not considering outside circumstances.
Describes how you intend to make money with you business concept
Is the distribution channel through which your product or service flows from the producer to the customer - the value chain includes manufacturers, distributors, and retailers
Building on strengths using outside influences.
A document that describes a new business and a strategy to launch that business - it explains to lenders and investors why the new business deserves financial support
Changes in birth, marriage, and death rates; life expectancy and family patterns; population size and density. The economic, social, and political effects of immigration, internal migration, and migration networks.
A brief recounting of the key points contained in a business plan
Change in politics and change in the way a government is organized, controlled, or functions.
Looks at the people aspects and the legal form of the business - whether the company will be a partnership, corporations, or limited liability company. Also discusses the role and compensation of key management personnel
Refers to an alteration in the social order of a society and significant alteration over time in behavior patterns and culture, including norms and values.
Change in technology advancement and the application of science and engineering to increase wealth and alter human society.
Establishes the scope and purpose of a company and reflects its values and beliefs
Expresses the specific aspirations of a company, the major goals for which it will strive
Discusses how a company makes its customers aware of its products or services
The means for supplying a product to the customer
Looks at the probable risks for the business, such as changing economic conditions and lower than expected sales
The procedure of delivering a product or service directly to the customer
Selling a product to a wholesaler who will find retail stores to carry the product
Small Business Administration (SBA)
A federal agency that provides services to small businesses and new entrepreneurs
Organizations offering technical and general assistance to entrepreneurs in a specific profession or industry
Other businesses that are in the same or nearly the same business as you
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